Peregrine Financials & Securities v. Hakakha

This appeal stems from an arbitration clause contained in an agreement entered into between plaintiff Peregrine Financials and Securities (Peregrine) and defendant Faramarz Hakakha. After a dispute arose between the parties, Peregrine filed a suit in the circuit court of Cook County seeking money damages. Hakakha filed a motion to dismiss based on a mandatory arbitration clause in the agreement. Peregrine subsequently sought arbitration with the National Association of Securities Dealers (NASD) and filed a motion to compel arbitration with the circuit court, which was granted in October 2001.…